Guinness Geared for Better Performance, Replaces Financial and Strategy Director
In a move seen by marketing observers as aimed at repositioning the beverage brand’s bottom line, Guinness Nigeria Plc has replaced its finance and strategy director as Mr. Ronald Plumridge replaces Ms Lisa Gillian Nichols who resigned recently.
The brewing giant ended half year December 31, 2014 with a profit after tax of N3.39 billion, showing a drop of 32 per cent againstN4.99 billion posted in the corresponding period of 2013.
While the company recorded higher revenue for the half year, high financial charges, distribution and marketing charges impacted the bottom-line negatively.
Specifically, Guinness recorded revenue of N55.267 billion in 2014, up from N52.757 billion in the corresponding period of 2013. Marketing and distribution expenses also grew from N12.544 billion to N13.145 billion, while administrative expenses similarly jumped from N4.9 billion to N6 billion.
However, finance charges jumped by 35 per cent to N2.708 billion, from N1.954 billion, which led the company to end with a profit after tax of N3.398 billion, compared with N4.99 billion in 2013.
It is expected that the new strategy and finance director would bring some respite to the dwindling fortunes of the company.
Plumridge has honours degree in Economics from the University of Exeter and qualified as a chartered accountant in 1985 and a fellow in 1997.
Prior to joining Guinness Nigeria Plc as Commercial Director in 2004, Mr. Plumridge had over 22 years’ experience in various roles spanning accounting practice, consulting, financial management and general management of commercial functions in various consumer goods businesses in Europe and the United States.
In 2007, he was appointed the Finance Director of Diageo Africa but remained on the Board as a Non-Executive Director. In 2010, he became the CFO of the DAL Group, a privately owned Sudanese Group headquartered in Khartoum before he re-joined Guinness Nigeria Plc as finance and strategy director.